Distributors must report on petroleum exports, imports and inventories to the Ministry of Industry and Trade.

The Ministry of Industry and Trade has just sent a document to petroleum distributors urging them to report according to regulations; including reporting on petroleum import-export-inventory and petroleum inventory by 3 regions...

The document was issued after a number of key enterprises proposed reducing the source of allocation for imported gasoline this year to reduce losses.

Specifically, based on Decrees 83/2014/ND-CP, 95/2021/ND-CP and 80/2023/ND-CP on petroleum trading, the Ministry of Industry and Trade said that in order to serve the state management of petroleum products, the Ministry requested distributors to seriously report 3 contents according to regulations including: Report on import - export - inventory of petroleum and petroleum inventory by 3 regions; report on registration of adjustment of distribution system; decision on price adjustment and other ad hoc reports when requested.

These reports must be sent by the distributor via post to the Domestic Market Department, Ministry of Industry and Trade (No. 23 Ngo Quyen, Hanoi), and a PDF copy signed and stamped by the enterprise must be sent to the email address [email protected] of the Ministry of Industry and Trade for synthesis by the Domestic Market Department.

The document also emphasized that in case the distributor fails to report or is overdue, the Ministry of Industry and Trade will preside over and coordinate with relevant units to handle the matter in accordance with the provisions of law.

At a meeting with the Ministry of Industry and Trade on September 18, a number of key petroleum traders proposed to adjust down the total allocated source for the whole year 2024.

Because according to the explanation of businesses, currently, people's demand will basically not have a sudden growth. Meanwhile, many businesses suffered damage after the storm; some businesses suffered losses because in recent months, gasoline prices have dropped sharply, while the business's reserves must ensure 20 days of supply, so balancing is difficult.

The reason, according to these businesses, is that people's demand has not increased dramatically. Many businesses suffered heavy losses after the storm; others suffered losses due to the sharp drop in gasoline prices in recent months, while key gasoline businesses must maintain a minimum gasoline reserve of 20 days of supply, making it difficult to balance.

In response to the request of enterprises, Mr. Pham Van Chinh, Director of the Domestic Market Department, said: "The situation of the petroleum market will have very complicated developments in the coming months, the weather will also have unpredictable developments, the Ministry will carefully consider the issue of requesting to adjust the total allocated resources of enterprises."

In 2024, the total minimum source of petroleum allocated by the Ministry of Industry and Trade to 36 petroleum traders is 28.43 million m3/ton of petroleum of all kinds. Of which: ground petroleum: including gasoline, diesel, fuel oil, kerosene: 27.45 million m3/ton; aviation fuel: including Jet A1, aviation gasoline: 980,039 m3.

According to reports from key petroleum traders, the total imported and domestic purchases in the first 8 months reached 18.16 million m3/ton, equal to 63.7% of the total minimum source assigned by the Ministry, equal to the same period last year.